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§11-5-1. What personal property taxable.
All personal property belonging to persons residing in this
state, whether such property be in or out of the state, and all
personal property in the state, though owned by persons residing
out of the state, shall be entered in the personal property book,
and be subject to equal and uniform taxation, except as classified
in section four, article eight of this chapter, unless especially
exempted by law; but personal property of all classes, except as
hereinbefore provided, belonging to the residents of this state,
which is actually and permanently located in another state, and by
the laws of such other state is subject to taxation and is actually
taxed in such other state, shall not be entered on the personal
property book, or be taxed in this state. But the shares of
capital stock owned by residents of this state in corporations
actually located in other states, and whose property is taxed by
the laws of such other state, shall not be required to be listed
for taxation. Any person who at any time before the assessment
year transfers by loan, deposit or gift, any notes, bonds, bills
and accounts receivable, stocks and other intangible personal
property, which are subject to taxation to anyone, who does not
return a list of taxation as of the day on which the assessment
year commences including such property, transfers, loans, deposits
or gifts, if made with intention of evading taxation, shall be
deemed and treated as illegal and fraudulent and the assessor shall
assess such property for taxation to the party who makes such transfers, loans, deposits or gifts as aforesaid.

Note: WV Code updated with legislation passed through the 2016 Regular Session
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